The New York Teamsters Road Carriers Local 707 Pension Fund has won the unfortunate award for "First Pension to Officially Run Out of Money." According to the New York Daily News, and a host of angry former truck drivers who've had their pension benefits slashed, the Pension Benefit Guaranty Corp. (PBGC) has officially been forced to step in and take over payments to retirees of the Local 707, albeit at a much lower rate.
Teamsters Local 707’s pension fund is the first to officially bottom out financially — which happened this month.
“I had a union job for 30 years,” Chmil said. “We had collectively bargained contracts that promised us a pension. I paid into it with every paycheck. Everyone told us, ‘Don’t worry, you have a union job, your pension is guaranteed.’ Well, so much for that.”
“It’s a nightmare, it has just devastated all of our lives. I’ve gone from having $48,000 a year to less than half that,”said Chmil, one of five Local 707 retirees who agreed to share their stories with the Daily News last week.
“I don’t want other people to have to go through this. We need everyone to wake up and do something; that’s why we’re talking,” said Ray Narvaez.
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8 comments:
and where did their money go yeah unions
I remember in 1975 a Union plumber bragging how much he made hourly and the huge pension he would be retiring on. I considered the Carpenters, and did some math. Opted to stay non- union. I knew the money would be gone at the end of the trail.
I'm 62 now, and reading all about it.
Made you own bed....
That's what happened when the union officers donated all that money to the Dumbocrats..
Union members are greedy, and Union Officers are donating all of their money to Demonrat candidates. Good riddance to the Unions!
They gave away the retirements of all their Democrat voters! LOL! Now they will complain no one supports unions anymore. Oh, what a pity party! They gave it away betting on a lottery and had their hero call half of them a "basket of deplorables". Then, they lost their lottery!
And they want us to feel sorry for their failures.
The world is laughing in your face, Dems. This is not "bad luck", it's simple ignorance of reality. Remember, you hired "Constitutional Americans". What didn't you get about that?
just about everyone in the trucking industry is crooked and corrupt. the company you work for steals money from you. shippers and receivers want drivers to do their work for them. dot cops always trying to get money from truckers with asinine tickets and fees. the union is in bed with mafia and everyone else. upper echelons of the union and their cronies got your money. when nothing is left, they turn it over to the insurance company.
I'm sorry about your luck but that's what happens when you pay to have a job.
wait until the politicians retirement goes bust. they'll raise our taxes to make sure they get theirs!
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